Seacoast Banking Co. of Florida (NASDAQ:SBCF) Raised to “Hold” at BidaskClub

BidaskClub upgraded shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) from a sell rating to a hold rating in a research report report published on Monday, BidAskClub reports.

SBCF has been the subject of several other research reports. B. Riley set a $30.00 target price on shares of Seacoast Banking Co. of Florida and gave the company a buy rating in a report on Thursday, July 11th. Raymond James set a $29.00 target price on shares of Seacoast Banking Co. of Florida and gave the company a buy rating in a report on Friday, June 21st. Zacks Investment Research upgraded shares of Seacoast Banking Co. of Florida from a sell rating to a hold rating in a report on Wednesday, August 28th. Finally, ValuEngine downgraded shares of Seacoast Banking Co. of Florida from a hold rating to a sell rating in a report on Wednesday, May 22nd. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. Seacoast Banking Co. of Florida presently has an average rating of Hold and an average price target of $29.63.

Shares of SBCF stock opened at $26.01 on Monday. The firm has a 50-day moving average of $24.57 and a 200-day moving average of $25.88. The company has a market cap of $1.31 billion, a P/E ratio of 16.06 and a beta of 0.97. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.90 and a quick ratio of 0.89. Seacoast Banking Co. of Florida has a one year low of $21.74 and a one year high of $31.23.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last announced its earnings results on Thursday, July 25th. The financial services provider reported $0.50 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.02. The company had revenue of $73.70 million during the quarter, compared to the consensus estimate of $75.44 million. Seacoast Banking Co. of Florida had a net margin of 24.05% and a return on equity of 10.69%. The firm’s revenue for the quarter was up 17.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.38 earnings per share. As a group, research analysts expect that Seacoast Banking Co. of Florida will post 1.95 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada grew its position in Seacoast Banking Co. of Florida by 226.8% during the second quarter. Royal Bank of Canada now owns 1,523 shares of the financial services provider’s stock valued at $39,000 after buying an additional 1,057 shares during the period. Susquehanna International Group LLP bought a new position in Seacoast Banking Co. of Florida during the second quarter valued at about $456,000. Waddell & Reed Financial Inc. grew its position in Seacoast Banking Co. of Florida by 6.3% during the second quarter. Waddell & Reed Financial Inc. now owns 1,174,538 shares of the financial services provider’s stock valued at $29,880,000 after buying an additional 69,150 shares during the period. Hillcrest Asset Management LLC grew its position in Seacoast Banking Co. of Florida by 0.6% during the second quarter. Hillcrest Asset Management LLC now owns 507,192 shares of the financial services provider’s stock valued at $12,903,000 after buying an additional 3,060 shares during the period. Finally, Nuveen Asset Management LLC bought a new position in Seacoast Banking Co. of Florida during the second quarter valued at about $4,652,000. Institutional investors own 83.35% of the company’s stock.

About Seacoast Banking Co. of Florida

Seacoast Banking Corporation of Florida operates as the bank holding company for Seacoast National Bank that provides financial services to retail and commercial customers in Florida. The company offers commercial and retail banking, wealth management, and treasury management services, as well as home mortgage products; and brokerage and annuity services.

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